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Sunday, April 19, 2020 /12:49 PM
/ By Fitch Ratings/ Header Image Credit: BBC
The near-term job losses from the coronavirus crisis
might be more impactful than implied by the GDP contraction, according to the
latest Economics Dashboard from Fitch Ratings.
Following the adoption of stringent lockdown measures
in some of the largest developed economies, job losses have surged as some
sectors have seen a virtual standstill in activity.
"The sectors hit hardest by lockdown measures are
highly labour-intensive and are larger contributors to employment than they are
to GDP. Labour market dislocation could amplify the medium-term impact of the
crisis," said Marina Stefani, Director at Fitch.
Fitch's economics team has looked at the composition
of employment and economic output by industry in the US, the UK and the four
largest Eurozone economies to understand the lockdown impact on jobs.
The service sector, likely worst affected by the
crisis, is by far the largest employer in all the above mentioned economies
except Germany, and accounts for more than 50% of total employment. Within services,
the travel, tourism and retail sectors employ more than 20% of the national
workforce, reaching almost 30% in Spain. However, the contribution of these
sectors to GDP is significantly smaller. The GDP impact of the lockdown might
therefore not reflect the full extent of potential job losses as discussed
further in Fitch's latest economics dashboard.
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